Singapore Retail Banking Consumer Profiles

Singapore Retail Banking Consumer Profiles

Summary

This report - which is part of a series of Singapore content including country analysis and competitor benchmarking - looks at five different customer personas in Singapore. It explores their financial goals, unmet needs, and banking preferences, while providing actionable steps for financial providers to take to achieve high levels of retention and to cross-sell effectively and accordingly.

This Consumer Profiles report looks at five specific types of customer in Singapore through cluster sampling. Using this sampling method, our analysis determined retail banking preferences based on life stages and understood how consumers' digital banking mindsets changed in 2021. As a result, leading Singaporean banking providers can use this analysis to build stronger relationships with their customers to ensure future loyalty and secure retention.

Scope

The findings from each profile differ based on the clustering, which changes based on the age demographic and life stage. As an example, the key report findings for Profile 1 [Lien, aged 24] are as follows -

• Generation Z is the next big customer base for all retail banking providers to target. Lien, the youngest customer profiled, prefers traditional providers but is a digital channel user showing tech-savvy behaviors and is a frequent user of chatbots and instant messaging features.
• Across the Singaporean market, we found that Gen Z customers are very forward-looking and are focused on saving and planning for the future. Furthermore, while we see this generation of consumers acting more sustainably and taking an interest in ethical issues worldwide, customers like Lien don't necessarily want ESG matters linked within their financial life or as part of a rewards scheme. Lien is the least concerned about ESG rewards and has a high preference for higher returns (60%).
• While she is a heavy mobile banking channel user, she also likes the branch. Another key trend among Gen Z customers is wanting to talk to a representative in a branch regarding more complex financial tasks and situations. Therefore, as part of the report's actionable steps for Lien's primary provider, her bank should work towards a strategy that combines multiple channels to create a better user experience.

• Identify five customer propositions using cluster sampling based on the main retail banking products: deposits, credit cards, personal loans, and home loans.
• Discover consumer perceptions of digital banking and their preferred financial service providers.
• Reveal the banking features and attributes consumers are most willing to pay.
• Identify customer life events while looking at specific customer life goals, such as retirement security.